878 price reductions in seven days. Sellers are feeling the winter clock.

This week’s Calgary market snapshot recorded 813 new listings, 878 price decreases, 501 reported sales and 519 listings that expired, were withdrawn or were terminated.

The number that stands out is the 878 price decreases. That is 65 more price reductions than new listings. It does not mean every seller is desperate, but it does tell us that a lot of sellers are running into the same problem: the market is not supporting the price they started at.

There were also 501 reported sales, while 519 listings came off the market without a reported sale. Buyers are still making decisions, but they are not buying everything.

Thanksgiving likely contributed to fewer new listings coming to market, so I would not treat one week’s new listing number as a trend by itself. The price decreases and the number of listings leaving without a sale are the stronger signal as we move from fall into winter.

Winter gives buyers leverage, but that does not mean every property is suddenly a good deal.

Pay close attention to homes that have been sitting, reduced in price or returned to the market. Those are often the listings where the seller’s expectations and the current market have started to meet.

A price reduction alone does not establish value. Look at recent comparable sales, the original asking price, time on market, condition and any work the property requires.

If you find a home that fits your plans, negotiate from the evidence. There is room to negotiate in this market, but the best properties can still attract buyers even when the citywide market is slower.

The 501 reported sales prove that buyers have not disappeared. The 878 price reductions show that buyers are refusing to rescue listings that entered the market too high.

If you need to sell, your price, presentation and marketing need to work from the first day. Starting high and repeatedly reducing after the strongest initial interest has passed can leave you negotiating from a weaker position.

Winter brings fewer casual buyers, but the buyers who remain tend to have a reason for moving. Your property needs to give those buyers a clear reason to choose it over the other options available.

The Bank of Canada’s overnight rate is currently 2.25%, with its next decision scheduled for October 28.

September’s headline inflation reading was 3.1%. Much of the acceleration came from gasoline, while inflation excluding gasoline was 2.2%.

I still think leaving the overnight rate unchanged is the more likely result on October 28. However, I do not think buyers should treat unchanged rates as a certainty. The Bank of Canada has acknowledged that the upside risks to inflation have increased.

Fixed and variable mortgage rates are affected by different things. Variable rates generally respond to Bank of Canada decisions, while fixed mortgage pricing is influenced more directly by the bond market.

If you are waiting for prices to fall further, compare the actual mortgage payment at several purchase prices and interest rates. Paying less for the property does not necessarily mean paying less each month if your borrowing rate increases.

Before making a decision, speak with a qualified mortgage professional about your preapproval, available rates and whether a rate hold makes sense.